PN17 Bintai fixes placement share price

PETALING JAYA: Cash-strapped Bintai Kinden Corp Bhd will be placing out new shares at 5.88 sen per placement share.Bintai, which is also a Practice Note 17 (PN17) company, announced the price-fixing yesterday.

This was ahead of the private placement exercise which the mechanical and electrical engineering services provider said is necessary to ensure “continuity of business”.

“The issue price (5.88 sen) represents a discount of 20% to the five-day volume-weighted average price of the shares up to and including Feb 9, 2024, being the last market date immediately before the price-fixing date of 7.35 sen.”